Bidpit · the last bid holds the pit

CA not live yet · the coin address lands here at launch

Caution The pit is empty. The first bid of 1,000 BIDPIT or more drops in alone and starts a ten-minute quiet clock. Every bid after it must beat the last by 5%, and the bid that stands ten quiet minutes collects 10% of every bid under it.

1Read the pitpit 01 · not dug yet

10:00quiet clock

the cut 0 10% of every beaten bid lands here. The bid on top takes all of it when the clock runs out.

2Drop the first bidmin 1,000

3Stand ten minutes, collectanyone can close

When a bid stands ten quiet minutes, anyone can close the pit. The holder is credited their own bid plus the cut; outbid bidders are credited 88% of their bids. Claim whatever is credited to you here.

the quay log

Rules of the pit

Beat it by 5%. The first bid is at least 1,000 BIDPIT. Every bid after must be at least 105% of the standing bid. You cannot outbid yourself.
Every bid resets the clock. Ten quiet minutes from the last bid. A bid that lands at 9:59 puts it back to 10:00.
Beaten bids pay the cut. When your bid is beaten you are credited 88% of it. 10% drops into the cut, 2% goes to the house.
The last bid collects. Ten quiet minutes and the holder is credited their own bid plus the whole cut. A new, empty pit opens.

Worked example

Bids land at 10,000 · 10,500 · 12,000 · 15,000. Each one beaten leaves 10% in the cut: 1,000 + 1,050 + 1,200 + 1,500 = 4,750.

A bid of 20,000 takes the pit. The 15,000 bidder is credited 13,200. Nobody bids 21,000 for ten minutes.

The 20,000 bidder collects 20,000 + 4,750 = 24,750.

closed pitsall pits